Cendant’s spin-off to seek new mortgage partnerships

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A mortgage spin-off company planned by real estate giant Cendant Corp. will seek business outside of the Cendant family while also pushing to expand mortgage business through corporate-owned and franchise real estate brokerage channels, according to Securities and Exchange Commission documents filed Wednesday. A major player in the real estate, travel, vehicle services and hospitality industries, Cendant is spinning off PHH, a wholly owned subsidiary, to become an independent, publicly traded company focusing on mortgage services and fleet operations. PHH is expected to launch as a publicly traded company on the New York Stock Exchange on Feb. 1. Cendant will form a mortgage venture with PHH called PHH Home Loans LLC, according to the SEC filing, and PHH Home Loans will originate and s...